UBS, the world’s biggest manager of money for rich people, imposed a partial hiring freeze at its wealth-management business as part of efforts to cut costs, said two people with knowledge of the matter.
Bloomberg News reports that the restrictions apply only to support functions, and not client advisers, at the bank’s largest unit, the people said, asking not to be identified because the matter is private.
UBS CEO Sergio Ermotti, 56, has been seeking ways to cut costs after first-quarter profit dropped 64 percent, hurt by a slump at the wealth-management and securities units. The lender has since eliminated jobs at the investment bank and announced plans to consolidate back office functions in wealth management.
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